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BREAKING: Bitcoin price falls after investigations against BTC exchange OKEx

  • The Bitcoin price fell briefly within minutes from $11,600 to $11,300.
  • BTC is thus reacting to new investigations by security authorities against the Bitcoin exchange OKEx.

A few hours ago, the Bitcoin price fell from $11,600 to $11,200 within a few minutes. Within the last 24 hours, BTC has thus recorded a minus of 0.72%. The market capitalization has fallen from $213 billion to $210 billion. This correction is probably due to the latest developments in the case of the Bitcoin exchange OKEx.

The Bitcoin exchange completely stopped withdrawals for cryptocurrencies 3 hours ago, non-crypto-based assets were not affected. According to the article, a leading employee is working with a public security office to assist in personal investigations. Until these matters are resolved, Bitcoins and other cryptocurrencies cannot be withdrawn:

One of our private key holders is currently cooperating with a public security bureau in investigations where required. We have been out of touch with the concerned private key holder. As such, the associated authorization could not be completed.

However, OKEx assures that all assets on the exchange are secure:

The other functions of OKEx remain normal and stable, and the security of your assets at OKEx is not compromised. We will immediately resume withdrawals of digital assets/crypto currencies as soon as the private key holder can authorize the transaction.

OKEx CEO Jay Hao claims on Twitter that the employee’s cooperation with the authorities was due to a “personal problem” and that the investigation will not affect the day-to-day business. A few hours earlier, on-chain transaction monitoring service Whale Alert observed several large transfers between OKEx and unknown Bitcoin wallets.

These involved the withdrawal of BTC 1,180 worth $13.6 million, TRON (TRX) 50 million worth $1.3 million, 21,000 ether and $13.6 million in Tether. It has not yet been possible to confirm whether there is a direct connection, as these volumes could also belong to normal transactions.

The Beijing based reporter Colin Wu states that the investigation against OKEx may be related to money laundering:

The Chinese government is cracking down on money laundering using cryptocurrency for telecom fraud, and centralized exchanges are in a very dangerous state.

As a result of these new developments, the OKB token has fallen by more than 13.9% in the last 24 hours to a price of $5.12. The Altcoin market, however, is following regardless of the price developments of Bitcoin, so Ethereum is down 2.34% to $370.29 and XRP is down 2.95% to $0.24. Overall, the best-known Altcoins are also trending sideways.

Bitcoin could benefit from new US economic stimulus package

Due to the ongoing corona pandemic, the economy of the United States of America needs a new stimulus package. President Donald Trump as well as a majority of the Democrats are ready to sign a new billion dollar stimulus package to stimulate the economy and help those in need in the country.

This could once again pump new money into the market in the coming weeks, from which the Bitcoin price and the entire crypto market can profit in the long term.

About Author

Collin Brown

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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